Columbus Georgia bankruptcy lawyer explains bankruptcy petitions

Columbus Georgia bankruptcy lawyer explains bankruptcy petitions

Filing for bankruptcy in Harris County GA

The bankruptcy petition is a document that begins the bankruptcy process. The petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary one, which is filed by creditors who meet certain criteria. A voluntary petition should be as provided in Form 1 of the Official Forms prescribed by the Judicial conference of the United States. The Official Forms may be purchased at legal stationary stores. A voluntary petition must include standard information concerning the debtors name(s), social security number or tax identification number, residence, location of principal assets (if a business),the debtors plan or intention to file a plan, and a request for relief under the appropriate chapter of the Bankruptcy Code. Also, a voluntary petition must indicate whether the debtor qualifies as a small business as provided by the law and also if the debtor elects to be considered a small business under the law. When the debtor files a voluntary petition under Chapter 11, the debtor becomes the debtor in possession. In case of an involuntary petition, upon the entry of an order for relief, the debtor becomes the debtor in possession. A retains possession and control of its properties while undergoing a reorganization under chapter 11, without the appointment of a bankruptcy trustee and before the confirmation of a chapter 11 plan. The appointment or election of a trustee takes place only in a rare cases. Often, the debtor, as debtor in possession operates the business and carries out the functions that a trustee performs in cases under other chapters.

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